Around 400 additional homes could be built at Southwark Grounds on Port Road, lifting total site capacity from 1300 to around 1700 dwellings.

A recently approved code amendment would allow apartment towers of up to 14 storeys in some areas of Renewal SA’s redevelopment of the former West End Brewery.

Renewal SA Acting Chief Executive Shane Wingard said he welcomed the code amendment, with the increase in heights and homes making a positive impact on the supply of high-quality, well-connected housing close to the city.

“By going higher across some parts of Southwark Grounds, we are adding a substantial number of very well-located homes with little impact on project delivery time or planned open space,” Mr Wingard said.

Since the project officially launched in 2025, Mr Wingard said more than 12,000 enquiries had been received about living at Southwark Grounds.

“The very strong early interest we’ve seen since homes were first released in the precinct reinforces our plans to create more housing opportunities,” he said.

The Southwark Grounds code amendment was launched in December last year, with community engagement undertaken over five weeks from January.

It proposed increasing maximum building heights from eight to 14 storeys on the eastern section of Southwark Grounds, and to 12 storeys across the remainder of the site, with minimum building heights ranging from two to four storeys.

The code amendment was implemented through an Early Commencement policy in late January, allowing developers to quickly explore the viability of increased height and housing yield while other planning processes continue.

One of the first developers delivering apartment sites have already finalised redesigns to increase the number of apartments following the code amendment.

Samaras’ development adjacent to the future Colonel Light Park is now planning to deliver 125 apartments across 11 storeys, significantly greater than original plans of around 50 apartments across four storeys.

The developer is also exploring the potential for additional affordable housing outcomes.

Most of the apartments at Southwark Grounds will be delivered within a master-planned precinct on a large parcel of land on the eastern portion of the site, covering around two-thirds of its 8.4 hectares.

Wingard said detailed precinct planning over the coming months may identify further opportunities to increase yield further that could see total apartment numbers at Southwark Grounds, exceed this number.

Affordable homes at Southwark Grounds will also see a net increase, with Renewal SA maintaining its commitment to a minimum of 20 per cent affordable housing across the development.

&nbsp;

&nbsp;

Civil works have begun across the site, with construction under way on the first new roads surrounding a townhouse precinct in the south‑west corner of Southwark Grounds. This includes Renewal SA’s 17 Founder’s Row homes, which are on track for completion by Christmas.

“We expect to have people living at Southwark Grounds by the end of the year, so delivering roads and public spaces for those residents is among our highest priorities.”

Construction of 40 townhouses off Anderson Street, known as West Village and being delivered by Contour, is forecast to begin in mid‑2026. Kolabb’s Anderson Lane development will follow shortly after, delivering a further 26 townhouses.

Southwark Grounds is a state government‑led urban renewal project now set to deliver around 1,700 homes over the next decade.

Homes will be supported by a supermarket, a range of retail and hospitality offerings anchored by a revitalised Walkerville Brew Tower, a childcare centre, car parking and well‑connected public spaces.

Joel Robinson

400 new homes planned for Adelaide's former West End Brewery site

Brisbane developer&nbsp;<a href="https://www.apartments.com.au/developers/cavcorp">Cavcorp</a> has lodged plans for a new mixed-use residential development at <a href="https://www.apartments.com.au/new-apartments/55-wyandra-street-teneriffe-qld-4005">55 Wyandra Street</a>, Teneriffe, anchored by an 85-metre public laneway designed to reconnect the suburb’s riverfront with the Gasworks precinct.

The buildings, known as Teneriffe House and Teneriffe Lane, would replace the existing Queensland Cotton head office site with a 15-storey residential tower transitioning to eight storeys toward Helen Street. The project has been designed by Plazibat Architects and lodged as a code assessable development application for 93 apartments across a 3,401 sqm mixed-use site within the Newstead and Teneriffe Waterfront neighbourhood plan.

Central to the scheme is the transformation of an existing service easement into a publicly accessible cross-block connection linking Wyandra and Helen Streets. Cavcorp says the new laneway will act as both a pedestrian shortcut and a landscaped civic space between the Teneriffe Riverwalk, ferry terminal, and Gasworks precinct.

<img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="26e7f058-b065-4de8-b13d-a2b8cb64dfcc" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/bldg.png?VersionId=sELS0ZKYi361oYipUa1BIKfe_.DLZoFV" />

“The revised proposal delivers a legacy public-realm cross-block link, permanently secured for community use, transforming an existing private easement into a safe, high-quality pedestrian connection between the Teneriffe heritage riverwalk and the Gasworks–Long Island precinct,” the planning report states.

The laneway will sit beneath a large subtropical loggia integrated into the podium levels of the development. The design incorporates deep landscaping, water gardens, lobby spaces, business lounges, and ground-floor apartments to create what Cavcorp describes as a climate-responsive “urban verandah.”

The tower itself has been designed as a slender form with recessed floorplates and curved translucent corners inspired by contemporary Japanese architecture. The building height aligns with the Commercial Road precinct controls, which permit towers up to 15 storeys within proximity to Longland Street.

<img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="a8a17d40-43b6-4718-b3fd-67676fcbb485" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/pers%202_1.png?VersionId=i3VwDtp5AmL_8InW7w4qRbDFEpb744Jt" />

The project will comprise a mix of larger-format apartments aimed at owner-occupiers, downsizers, and families. The proposed apartment mix includes 11 loggia apartments across the lower levels, 50 four-bedroom Sky-Terrace apartments from levels three to seven, and 32 Sky-Pool Homes occupying the upper tower levels. The Sky-Pool Homes will feature private thermal plunge pools integrated into oversized balconies.

According to the application, the apartments are intended to reinterpret the scale and character of Teneriffe’s woolstore conversions and Queensland homes within a vertical residential format.

“The sky-pool homes build on Cavcorp’s previous projects and introduce a distinct apartment typology to Teneriffe, informed by both local and international precedent and responding to an identified market demand for enhanced safety, space and amenity,” the planning submission notes.

A major focus of the proposal is its five-level wellness and lifestyle offering, extending from the basement through to the rooftop.

Amenities proposed include a rooftop Swim &amp; Racquet Club with a 25-metre Olympic lap pool and tennis court, coworking spaces and libraries, golf simulators, wine storage, concierge facilities, business lounges, pet wash areas, and rooftop longevity-focused wellness spaces with spas, outdoor fitness zones, and landscaped terraces.

<img alt="First Look: Cavcorp unveils Teneriffe House and Teneriffe Lane plans for landmark wellness tower in Teneriffe" data-entity-type="file" data-entity-uuid="944b352c-49b9-4247-a4c6-5967b4b69fda" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/amenity.png?VersionId=Ed_qKjAtMwFT.5gfl3jiA9QwdWxSMsaX" />

All parking will be concealed within basement levels accessed from Wyandra and Helen Streets. Cavcorp says the deep-basement engineering approach allows the entire ground plane to prioritise landscaping, pedestrian movement, and active frontage rather than vehicle infrastructure.

The development continues Cavcorp’s concentration in Newstead and Teneriffe, where the Brisbane developer has delivered a number of apartment projects including Lucent, Le Bain, and Luminare, as well as the Long Island Wellness Precinct nearby. Several of those projects have received national design and architecture awards, including recognition under Brisbane’s “Buildings that Breathe” program.

Cavcorp unveils wellness-focused Teneriffe House and Teneriffe Lane apartment buildings

Focus Group Investments has lodged plans for a new apartment development at <a href="https://www.apartments.com.au/new-apartments/64-70-hanover-street-fitzroy-vic-3065">64–70 Hanover Street</a> in Fitzroy, seeking to utilise the Victorian Government’s recently introduced Great Design Fast Track pathway to accelerate approvals for the project.

The proposal is among the latest developments to emerge through the state-led initiative, which was established to fast-track well-designed residential projects in activity centres and transport-connected inner-city locations. The pathway allows qualifying developments that meet elevated design and housing benchmarks to bypass traditional council planning timeframes and instead be assessed directly by the Department of Transport and Planning.

Designed by SJB, the development will comprise a mix of apartments above activated lower levels, with a strong focus on architectural articulation, landscaping, and communal amenity. The design response seeks to balance the industrial character of Richmond’s former warehouse precincts with a more contemporary residential form.

<img alt="First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Richmond apartments" data-entity-type="file" data-entity-uuid="abea51cc-d85b-479e-9aef-a589f3b37ca7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/ground.png?VersionId=e1Kf8EyPWwyiVumtqQ4rM5S4GpOR3CCz" />

Proposed are 63 new dwellings, a wide ranging mix of studio, one-, two-, and three-bedroom apartments, and townhouses and duplexes. They will be spread across a part-three, part-eight storey building.

The Planning and Urban Context Report by Tract says the development is of an "exemplary architectural standard" and has been carefully crafted by SJB Architects.

"Dwellings&nbsp;will benefit from excellent access to natural light, cross-ventilation opportunities and extensive communal space," the report noted.

The architectural material highlights the project’s integration of landscaped elements and communal spaces throughout the building. The proposal also incorporates sustainability initiatives aligned with the Victorian Government’s push for higher-performing apartment developments under the fast-track program.

The Great Design Fast Track was unveiled by the Victorian Government in 2024 as part of a broader housing supply strategy aimed at accelerating the delivery of new homes. Projects assessed through the pathway must demonstrate high-quality architecture, sustainability outcomes, and housing diversity while being located close to public transport and existing infrastructure.

<img alt="First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Richmond apartments" data-entity-type="file" data-entity-uuid="afdbe834-8dc4-4a77-a943-ba07bc927348" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/site_11.png?VersionId=0J657j.TaChAZfp93wqJYBTqSsnREJx2" />

Focus Group, founder and led by Paul De Lutiis, is increasingly active across Melbourne’s inner suburbs, targeting well-connected urban renewal locations suited to medium and higher-density residential development. The Fitzroy proposal continues that strategy, leveraging the area’s strong transport links, established retail amenity, and proximity to the CBD.

Fitzroy has been one of the most popular spots for developers and buyers in recent years. The likes of PACE Development Group, SMA Projects, Crema Group and Chapter Group, currently selling projects in the suburb.

First look: Focus Group Investments taps Victoria’s Great Design Fast Track for Fitzroy apartments

The Gold Coast Planning Committee has supported the preliminary approval for the Benowa Gardens Urban Village project following an extensive community consultation and assessment process.

The proposal will now proceed to a full council vote on June 2.

The application sought approval for a masterplanned urban village on the existing Benowa Gardens Shopping Centre site, combining new housing, retail, dining, health and lifestyle amenities within a walkable, integrated precinct.&nbsp;

The proposed redevelopment includes around 413 apartments integrated above a revitalised mixed-use centre featuring a full-line supermarket of 4,000 sqm, 6,000 sqm of specialty retail and dining space across around 30 retailers, a 7,000 sqm health and wellness precinct, and roughly 9,630 sqm of office and medical suites.&nbsp;

<img alt="$1b Benowa Gardens Urban Village moves to Full Council following Planning Committee support" data-entity-type="file" data-entity-uuid="fb36ae47-80bc-45f0-9914-31b0c7b6007d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/PR26576%20Ashmore%20Road%20C4%201121%20FI.jpg?VersionId=6mRKk2uU4r67TmTt39DKGUlvFRbTVqWa" />

The broader masterplan also includes very significant traffic and transport improvements, wide pedestrian walkways, upgraded pedestrian and cycle connections, and enhanced public areas designed to create a more connected and walkable community environment.&nbsp;

Centre owner Patrick Lu said the milestone reflected months of detailed planning, technical assessment and ongoing communication with local residents, businesses, schools and stakeholders.

“We appreciate the time, consideration and care Council officers and the Planning Committee have given this proposal throughout the assessment process,” Lu said.

“We also sincerely thank the local community for engaging with us, sharing feedback and participating in the consultation process over many months.

<img alt="$1b Benowa Gardens Urban Village moves to Full Council following Planning Committee support" data-entity-type="file" data-entity-uuid="32fd1fc3-d0e6-485f-ac57-9916c9bcb818" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/PR26576%20Ashmore%20Road%20C5%201121%20FI_2.jpg?VersionId=fz8qQKDBLQ7MyFRc856Zccfbh9nFwLOe" />

“We understand projects of this scale bring questions and concerns, which is why we have worked hard to listen carefully, provide information transparently and continue refining elements of the proposal where possible.

“Our vision has always been to create a well-designed, community-focused urban village that responds to the changing needs of the Gold Coast, while delivering improved amenity, housing diversity, healthcare access and local lifestyle benefits.

“This proposal is about creating a genuine live-work-play environment where residents can access everyday services, schools, healthcare, dining, shopping and green space within walking distance, while also supporting local jobs and economic activity.”

<img alt="$1b Benowa Gardens Urban Village moves to Full Council following Planning Committee support" data-entity-type="file" data-entity-uuid="50dfbd04-590e-4fc6-983b-766880947867" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Dining%20Day%20Time%20-%20High%20Resolution.jpg?VersionId=BP7ZoKJ0DdL_8iRkkC8VVx99moICV6kg" />

Lu said the proposal had evolved significantly through consultation and technical review, particularly around traffic, pedestrian and student safety and neighbourhood connectivity.&nbsp;

Melissa Griffin, Director at Urbis, said the recommendation recognised the strategic importance of delivering more housing and services within established urban areas already supported by infrastructure.

“This proposal represents the type of thoughtful, integrated growth that planning frameworks across South-East Queensland are encouraging,” Ms Griffin said.

“The project seeks to place housing, retail, healthcare and employment opportunities together in a highly accessible location close to schools, transport and existing services.

“Importantly, the process has involved significant technical assessment and community engagement to ensure local issues and feedback were properly considered throughout the planning pathway.”

$1 billion Benowa Gardens Urban Village heads to council vote following Planning Committee support

Surfers Paradise is officially set for its first new residential development with a 45-storey skybridge connecting the two towers.

John Camilleri’s Celestino Developments has been given the green light by the Gold Coast City Council to develop its major beachfront precinct across its huge 4,000 sqm oceanfront site at <a href="https://www.apartments.com.au/new-apartments/63-79-garfield-terrace-surfers-paradise-qld-4217">63–79 Garfield Terrace</a>, just five months after its <a href="https://www.apartments.com.au/news/qld/first-look-exclusive-billionaire-winx-breeder-s-bold-two-tower-surfers-paradise-play-with-45th-storey-skybridge">submission in late 2025</a>.

The approved scheme will deliver two towers rising 55 and 48 storeys, connected by a skybridge positioned on level 45 that will house a range of resident-only wellness and entertainment spaces.

In its notice of approval, the Gold Coast City Council said the&nbsp;proposed overall built form has been designed to complement the scale, intensity and protect the adjacent amenity and surrounding streets through the use of varied setbacks, site cover and architectural elements.

<img alt="First look exclusive: Billionaire Winx breeder’s bold two-tower Surfers Paradise play with 45th-storey skybridge" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_75/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screenshot%202025-12-30%20at%209.53.48%E2%80%AFAM.png?VersionId=ADyPJ_TFbJvSU9wZFOiCBnlPtgF7VWqW" />

Designed by <a href="https://www.apartments.com.au/architects/dbi">DBI</a>, the development will comprise 275 apartments across the two towers, including a mix of two-, three-, and four-bedroom residences, as well as several penthouses. The apartments will sit above a landscaped podium featuring more than 90 metres of beachfront pool frontage, private resident lawns, lounges, and wellness spaces.

DBI said the design draws heavily from the movement and form of the coastal environment, with curving balcony lines and sculpted façades intended to soften the scale of the towers while maximising ocean outlooks and passive shading outcomes.

“The project occupies a rare, uninterrupted oceanfront site and has been shaped by a design philosophy that merges architectural elegance with environmental responsiveness and a carefully curated lifestyle experience,” DBI said in planning documents submitted to the Gold Coast City Council.

The most distinctive element of the approved project is the skybridge linking the two towers at level 45. The elevated communal space is planned to include executive lounges, formal dining areas, wellness facilities, and panoramic ocean-facing outlooks.

“The skybridge enhances the identity of the development, promotes social interaction, and delivers a lifestyle experience not found elsewhere on the Gold Coast,” DBI said.

At podium level, residents will have access to a suite of resort-style amenities, including resident lounges, private dining rooms, a yoga lawn, gymnasium, plunge pools, and treatment spaces. The beachfront pool has been designed with separate lap, lounge, and children’s areas extending across the width of the site.

The project will also introduce new food and beverage offerings along the Enderley Avenue and Oceanway frontages, contributing additional activation to the beachfront precinct.

First look: Winx billionaire’s beachfront Surfers Paradise apartment development greenlit

Prominent New Zealand apartment and hotel operator, <a href="/developers/safari-group">Safari Group</a>, is offering up a prime investment opportunity for Australians to purchase off the plan in one of the world’s most popular ski destinations.

They recently took to market Mountain Oak Queenstown Apartments, in the growing precinct of Remarkables Park in Frankton, near the airport and at the foot of The Remarkables - the mountain range the locals like to call “The Remarks”.&nbsp;

Sydney investors have shown interest in the one, two and three-bedroom apartments that secure high-season occupancy six months over the year, primarily over summer and winter months.

They average 90 per cent occupancy across their portfolio over January, February, March, August, November and December, while shoulder season months of April, July, September and October are still occupied 70 per cent of the time, with the growing appeal of Queenstown becoming not just a hotspot for the snow, but a lifestyle destination.

Even in the low seasons of May and June, occupancy levels reach around 40 per cent.

<img alt="Safari Group’s Mountain Oak Apartments brings new investment potential to Queenstown" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_auto/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Ext_Cam15_Sunny.jpg?VersionId=SJAROUM_1s.Tr5ciMk4EEj5oAt_Vewmv" />

Safari’s Safari Hotels arm can also manage the holiday letting for an investor, from the listing on holiday accommodation websites such as Airbnb and Booking.com to the cleaning and maintenance of the investment. They’ve been in the short stay management business for 15 years and offer 24/7 support for investors, an important convenience benefit for any overseas investor

Another major drawcard for Australians is that New Zealand doesn’t have a stamp duty policy - so the entry price of NZ$639,000 (AU$586,000), is all that is payable on completion.

<img alt="Safari Group’s Mountain Oak Apartments brings new investment potential to Queenstown" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/313_Livingv2_WEB.jpg?VersionId=nV229fM0ZeYpoxOrX372HyGjfwY_LR8c" />

Safari is starting construction of the 141 apartments in Q2 this year, with a two-year build estimated to complete in mid-to-late 2027.<img alt="" data-entity-type="" data-entity-uuid="" height="15" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXczFpFAb7WuA6f4f9TtKWcqXyNwR8qqtakWv352ERkpqNlP3KwIo8YKxw67jZNHfpjEGIZGv5MQTbnvLZwNt8iu9IVdOrswOjCvBZ4zhSoOOLrpt6etVEZTN1gkBho0r_R72zdHNA?key=yq3daOanqHSb88QFd8jGYKdb" title="Click and drag to move" width="15" />​

The apartments will feature modern amenities and contemporary designs with expansive windows capturing sweeping views of The Remarkables mountain range.&nbsp;

Interiors are equipped with modern finishes, premium appliances, and secure electronic key-locked doors, ensuring a comfortable living experience for residents and guests alike.

With its strategic location near Coronet Peak and Cardrona Alpine Resort, as well as key retail and dining precincts such as Market Street, Five Mile Shopping Centre, and Remarkables Market, Mountain Oak offers a strong proposition for investors seeking high rental yields and capital appreciation in one of New Zealand’s most sought-after locations.&nbsp;

Queenstown’s sustained demand for visitor accommodation and rental properties is underpinned by a shortage of housing options, attracting both local and international buyers.

Safari Group offers low-touch investment proposition in Queenstown’s popular ski fields district

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The passing of the legislation repealing the carbon tax has been welcomed by the Housing Industry Association, who say they have been vocally opposed to the tax since its creation.
HIA chief executive industry policy and media, Graham Wolfe, said that it is a barrier for the industry. Previously, they had c<a href="/news/hia-urges-the-federal-government-to-scrap-the-carbon-tax">alled on the government to scrap it, calling it a “bad tax”, and asking for transparency over the costs added to a new home</a>.
"HIA has advocated against the carbon tax since its inception, as it represents yet another impost on one of the most heavily taxed sectors in the economy," said Wolfe.
"The repeal of the tax was a key part of HIA's 2013 federal election platform to help revive the housing industry."
He noted that it has had direct impact on energy production costs, which in turn had a flow-through effect onto manufacturing and fabrication phases for building material, product and assembly production.
Wolfe says that this drove up the prices of new homes, through manufacturing, jobs and material input costs.
In 2011, they had <a href="/news/carbon-tax-to-add-6-000-to-new-home-costs-hia">estimated the additional cost to a new home at $6,000</a>.
However, <a href="/expert-insights/investing/carbon-tax-wont-increase-housing-costs-much-stockland">Stockland had said that the additional costs would be closer to $2,500</a> – or just 0.6% of their house and land packages.
Property Observer is keen to see if any new home developers actually do reduce the costs of their developments' offerings as a result of the repeal.
RELATED STORIES:
<a href="/news/carbon-conscious-homebuyers-should-be-spared-tax-industry-bodies">Carbon-conscious homebuyers should be spared tax: industry bodies</a>
<a href="/expert-insights/investing/more-than-half-of-potential-home-buyers-put-off-by-spectre-of-carbon-tax">More than half of potential home buyers put off by spectre of carbon tax</a>
<a href="/expert-insights/investing/scaremongering-over-the-carbon-tax-just-a-lot-of-hot-air">Scaremongering over the carbon tax just a lot of hot air</a>
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jduke-EHk3XBmHkn

Carbon tax repeal part of HIA plan to revive housing industry

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North Ryde, Sydney’s Macquarie Centre’s $440 million redevelopment has seen the first stage open as part of the AMP Capital’s Shopping Centres $2.8 billion development plan.
The <a href="https://www.macquariecentre.com.au" target="_blank">Macquarie Centre</a> is located in a total trade area of 337,770 people that expects to reach $6 billion in retail spending by 2021, explained AMP Capital Shopping Centres’ managing director Byran Hynes. He noted that the north-west corridor is the new capital of household wealth in Sydney.
The project’s second stage, set to be complete for this Christmas’ shopping season,will see the centre increase by 38,000 square metres to a new 138,500 square metre total, or the largest shopping centre in suburban Sydney.
“Today we have unveiled, ahead of schedule and on budget, more than 37 food and specialty retailers, 29 of which are new to Macquarie Centre,” he said.
“The centre will offer our customers a one-stop-shop for fresh food, specialty Asian food stores and market-style restaurant options from local producers.”
The first stage includes a Fresh Food Market precinct with Coles, ALDI and a refurbished Woolworths in residence. Costis Seafood Market Macquarie, Inlakesh Living Foods and F &amp; L Gourmet are eateries available.
The centre has also been redeveloped to include a 21-metre curved digital panel, which they note is a first nationally, that is for advertising and other content.
“Consumers are savvier yet more time poor than ever before and are craving distinct experiences in unique environments where they feel special.  We’re transforming Macquarie Centre into a leading contemporary urban centre, offering diverse experiences to the students, residents and workers in the area,” said Hynes.
On completion, international designers and Australian designers, as well as David Jones, will be in residence.
{qtube vid:=yrkUzoGNdbE}
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Sydney's largest suburban shopping centre, AMP Capital's Macquarie Centre, now open

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Overpriced, or undervalued? Despite suffering the biggest price cuts in the country, some homes just won't sell.
<a href="https://www.sqmresearch.com.au" target="_blank">SQM Research</a> has gathered the 10 most heavily discounted homes in the country.
<ol>
<li>
<a href="https://www.realestate.com.au/property-acreage+semi+rural-qld-ellen+grove-114951879" target="_blank">38 Considine Street, Ellen Grove, Queensland</a>
<img src="/images/2014/07/09/1.jpg" alt="">
38 Considine Street has the dubious honour of retaining top place on the discounted list this week. The brick house on a 1.57 hectare flat block has been on the market for 253 days now, despite a 43% price cut. It was initially listed at $1.4 million and now has a $799,000 price tag.
</li>
<li>
<a href="https://www.realestate.com.au/property-residential+land-wa-carabooda-200627671" target="_blank">292 Carabooda Road, Carabooda, Western Australia</a> 
<img src="/images/2014/07/17/caraboo.jpg" alt="">
Making its debut on the discount list, this 7.1 hectare farm has seen its price lopped by 37% from $1.65 million to $1,032,000. A three bedroom cottage sits on the property, with a big double garage, with water supplied by an on-property bore. In its listing, selling agent Thomas Massam of Harcourts Alliance Joondalup suggests buyers could grow fruit and veggies on the property, or "build a tennis court".
</li>
<li>
<a href="https://www.realestate.com.au/property-house-tas-richmond-114883299" target="_blank">2 Wellington Street, Richmond, Tasmania</a>
<img src="/images/2014/07/09/2.jpg" alt="">
The historic Mill House in Richmond, Tasmania, sits along the convict-built Richmond Bridge. It seems vendors overestimated market demand by a clean million, with the price tag dropping 36% from $2.8 million to $1.8 million. The estate's main house includes four bedrooms and bathrooms, a formal living and dining area, sunroom and cellar. The listing agent advises that the house has a "convict brick feature wall", a formal living and dining area, sunroom and cellar. The vendors, who according to the listing information have experienced a "change of circumstances" which have "significantly increased [their] motivation", are also open to selling the adjoining plot.
</li>
<li>
<a href="https://www.realestate.com.au/property-house-wa-carabooda-114289451" target="_blank">219 Bernard Road North Carabooda, West Australia</a>
<img src="/images/2014/07/09/3.jpg" alt="">
This rural property has been discounted by 35%, with its asking price now $2,272,000, down from $3.5 million. The Bernard Road farming property shares a listing agent with its Carabooda cousin on the list, the heavily discounted 292 Carabooda Road. Set on 15 hectares of farm land, the property has a 36,000 kilolitre water license. The dual lot property features a brick and tile home and farm sheds on one plot, and a "home in disrepair" on another.
</li>
<li>
<a href="https://www.raywhite.com/nsw/michelago/668779/" target="_blank">76 Tinderry Road, Michelago, New South Wales</a>
<img src="/images/2014/07/09/4.jpg" alt="">
On the market for 988 days, this rural property near Canberra has had its price cut from $1.9 million to $1.25 million. The Michaelago creek supplies water to the property, with two dams on the land. An original 1925-era home, requiring significant renovations, stands on the property. The listing information states: "The property is ideally suited to run livestock with some areas having had some pasture improvement in previous years, although this was some time ago and would likely need to be revisited."
</li>
<li>
<a href="https://www.realestate.com.au/property-house-wa-doubleview-116544475" target="_blank">1 Princess Road, Doubleview, West Australia</a>
 <img src="/images/2014/07/09/5.jpg" alt="">
This property in Perth’s Doubleview has been discounted by 33%, with its price now at $1.8 million (down from $2.7 million). Advertised as having subdivision potential, the current cottage and granny flat on the plot are described as “very rentable during the development phase” in the listing information.
The vendors purchased the 1,412 square metre plot 1 Princess Road for $150,000 in 1990, hoping now to secure more than 10 times what they paid.
</li>
<li>
<a href="https://www.realestate.com.au/property-house-sa-strathalbyn-107584093" target="_blank">21 Cotton Court, Strathalbyn, South Australia</a>
<img src="/images/2014/04/30/strathalbyn.jpg"> 
After a 32% price cut, the owners of this Strathalbyn home are now seeking $339,000. The house has been on the market for nearly three years. It was purchased by the owners for $118,000 in 1995.
</li>
<li>
<a href="https://www.realestate.com.au/property-house-tas-battery+point-108230936" target="_blank">1/23 Albuera Street, Battery Point, Tasmania</a>
<img src="/images/2014/07/09/6.jpg" alt="">
The former Albuera Art School now houses this luxury renovated apartment, priced at $1.5 million. It's been on the market for more than two and a half years, with an initial asking price of $2.2 million. The three bedroom apartment has a combination of heritage and new features, with polished timber floors and pressed metal ceilings. 
</li>
<li>
<a href="https://www.realestate.com.au/property-house-nsw-green+point-114436679" target="_blank">99 Green Point Drive, Green Point, New South Wales</a>
<img src="/images/2014/04/30/green%20point%20drive.jpg">
This contemporary New South Wales home is a discount list staple. After 1,381 days on the market (more than three and a half years) and a 31% price cut, it still hasn't secured a buyer. The home on the Central Coast was originally listed at $1.15 million but vendors are now asking for $795,000. Originally designed as a bed and breakfast, the lakefront home now functions as a hair salon. 
</li>
<li>
<a href="https://www.realestate.com.au/property-house-nsw-bar+point-113991687" target="_blank">53 Kalinda Road, Bar Point, New South Wales</a>
<img src="/images/2014/07/09/9.jpg" alt="">
A two cabin offering set above a waterfront reserve on the Hawkesbury River has been on the market for 591 days. The steep property houses one two bedroom cabin with a kitchen and living area, and another with a bedroom and bathroom. Its asking price has dropped 30%, from $280,000 to $195,000.</li>
</ol>
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The 10 most discounted homes in Australia: SQM Research

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The current tax treatment of investment property losses, through a combination of negative gearing and capital gains tax, has come under fire for putting the financial system at risk, according to the federal government’s Financial System Inquiry interim report.
Currently, <a href="https://www.smartcompany.com.au/finance/investment/34310-should-negative-gearing-be-scrapped-experts-weigh-in" target="_blank">negative gearing</a> means that interest costs and other property expenses are fully tax deductible, while capital gains tax on properties is applied with a 50% discount.
The Financial System Inquiry, headed up by David Murray, states in its interim report that these arrangements “encourage leveraged and speculative investment — particularly in housing”.
“Because of these tax arrangements, owners of residential property have an incentive to repay their mortgage as slowly as possible to maximise the tax deductions they can accrue,” says the report.
“Loans with interest-only periods help to maximise these tax deductions in the early years of a loan, although these loans also give borrowers more flexibility with repayments. The tax system, therefore, encourages individuals to take on more risk, which does have implications for risks to lenders.”
Aside from negative gearing and the asymmetric tax treatment, the report identifies additional tax-related factors that are also distorting the housing market.
“In addition to the more favourable tax treatment, individuals have an extra incentive to put more of their wealth into their primary residence because of the means test for the age pension, which excludes the primary home. This leads to higher allocation of wealth to housing and, for some, an inefficient level of consumption of housing services,” the interim report states.
Current arrangements also mean family homes are a key savings vehicle for many Australians.
“Returns on owner-occupied housing (including imputed rent and capital gains) are exempt from tax, although this is not unusual by international standards. This makes housing a very attractive vehicle for savings,” the report states.
The favourable tax treatment for property investment has created a situation of increasing mortgage indebtedness, which in turn has created risks for the financial system.
“Since the Wallis Inquiry, the increase in households’ mortgage indebtedness has been accompanied by banks allocating a greater proportion of their loan book to mortgages; the share of loans for housing has increased from 47% in 1997 to its current share of 66%,” says the report.
“A large enough disruption to the housing market could have significant implications for household balance sheets, financial stability, economic growth, and the speed of recovery in household spending and broader economic activity following a shock.”
Mark Chapman, head of tax with lobby group Taxpayers Australia, told SmartCompany the report is correct in identifying that tax deductions people claim over the life of a property are greater than the losses they claim at the end.
“For high income earners, it’s an astute way to reduce their tax rate. But 70% of those using negative gearing are not high income earners, and are required to buy an asset to get a tax deduction,” Chapman says.
“It needs to be reformed. From a tax policy perspective, [negative gearing in its current form] makes little sense. In most jurisdictions, offsets for losses on property investments can only be claimed against profits on other properties, or be carried forward against future profits.”
Philip Soos, a research Masters candidate at the School of Management at Deakin University specialising in property tax law, told SmartCompany that since 2001, most investment property rents have not been high enough to cover interest and expenses.
“Around 60% of investor loans are interest only. It’s a big leverage bet on a capital gain – as long as wages are high enough to sustain the rents,” Soos says.
“While the argument is that it encourages new property development, around 96% of all investment property loans by value are spent on existing properties.”
“Abolishing negative gearing would be better than reform, but that’s unlikely, so quarantining it or reforming it so it’s limited to new, rather than existing properties, is probably the best option,” says Soos.
Brian Chant, managing director of Property Asset Planning, told SmartCompany negative gearing has some important benefits when applied to new properties.
“I think it’s very effective when used on brand new property. It allows you to turn over the economy, and when you turn over the economy, you employ people. It allows you to build new homes and new affordable housing,” Chant says.
“It needs to be reviewed and discussed further, but when it’s applied to new homes, it’s brilliant.”
However, Property Tax Specialists' Shukri Barbara told SmartCompany reforming negative gearing too quickly could create its own risks.
“One important issue is the banks, who lend up to 90%, are heavily dependent on negative gearing. If you remove it too quickly, the values will drop and create the risk that people will sell their properties for less than they owe on their mortgages,” he says.
This article first appeared on <a href="https://www.SmartCompany.com.au" target="_blank">SmartCompany</a>.
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asadauskas-o9wSWMRiAW

Negative gearing could be putting the Australian financial system at risk: Murray inquiry

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Geelong's most notorious eyesore is on the market once more, after a 30 year development saga.
Tim Truong has relisted the vacant corner site at 10 Bellerine Street through <a href="https://www.realcommercial.com.au/property-retail-vic-geelong-501209787" target="_blank">KBL Commercial Real Estate</a>.
The 1,548 square metre property, first opened as the Belle Vue Hotel in 1853, is listed with a $3 million to $7 million price guide.
Although Truong pulled the site off the market after less than a month last year, selling agent Michael Lewin told The Geelong Advertiser that this time, he was ready to sell.
"We have been dealing with the vendors for many years and he is a genuine seller,” said Lewin.
“We have an authority signed by the vendor to sell by way expression of interest.”
He also said that Truong's family was open to discussions about the price.
Months before last year's short-lived listing, Truong reportedly said he had plans to spend $40 million developing the property.
According to The Geelong Advertiser, Truong previously lodged plans to develop on the site with the council five times: in 1984, 1988, 2003, 2004 and 2006. It currently falls within the council's Activity Central Zone.
KBL Commercial Real Estate will accept expressions of interest until Thursday 31 July at 4pm.
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Putting on The Ritz: Geelong eyesore relisted

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Vegetarian favourite in Melbourne’s Fitzroy, The Bear Café, is closing up shop – but just for renovations.
At 439 Brunswick Street, they initially started with VIP coffee deliveries in late-2012 to Fitzroy, before expanding and including retail with food and coffee, and specialised groceries.
The café has been a more recent staple at the same address of "Animal Lovers by Neo Tokyo's" retail store, which has operated since 1998. Their focus is on gluten-free and dairy-free alternatives, but they do also provide dairy options.
It seems there was some online speculation that they are closing up for good, with outraged online comments lamenting and calling the believed closure ‘sad,’ despite no official word out from the owners themselves.
However, vegetarians and Brunswick Street lovers can breathe a sigh of relief – it’s just believed to be a temporary closure as the owners carry out renovations.
A sign out front says 'The Bear is hibernating', however Property Observer understands that it will be back up and running in three to four weeks.
<a href="https://www.propertyobserver.com.au/https://www.facebook.com/pages/The-Bear-Cafe/411756705573879" target="_blank">The Bear Cafe Facebook page</a> has been silent since January, however they had been open and busy until earlier this month.
Picture courtesy of Facebook.
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The Bear Café, Brunswick Street hibernates, but for reno only

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In what is potentially many an investors' childhood dream, a Dunsborough theme park investment freehold property opportunity has hit the market.
A high level of interest expected, according to exclusive sales agents CBRE’s Ryan McGinnity and David Kennedy, who note that it is offered with a long-term lease.
The Xscape at the Cape Fun Park is on Caves Road, and includes an 18-hole mini golf cause, water slides, a Mine Shaft Maze and an ice-creamery.
Owner and operator, Douglas Campbell, is selling the property to further invest in his growing theme park business – also being the operator of Mirrabooka’s Action Park and Hillary Boat Harbour’s The Greast Escape.
“Xscape at the Cape is outstanding opportunity for those looking for a long term secure investment,” McGinnity said.
“Mr Campbell’s experience in the theme park sector, and his willingness to take a long term lease of the property, means the investment is secured by one of Australia’s best operators.”
The site also includes a kids train, a Jump N Tramp, the bouncy castle Tiki Island and state of the art playground Jungle Mountain.
The site is being offered by private treaty.
“Set on over a hectare of land, this property represents an outstanding investment opportunity, with a net rental of $160,000 per annum and initial 15-year lease with two 10 year options,” said Kennedy.
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Western Australia theme park up for sale, with long-term lease

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In the light of high commercial vacancy rates along the retail strip on Sydney’s Oxford Street, stretching from Hyde Park to Bondi Junction, Raine &amp; Horne’s Max Raine has weighed in with support for calls to the Sydney City Council to take over management from Woollahra Council.
Raine, a local property owner and recognised industry member, said that the growing vacancies are affecting Oxford Street’s name as a leading fashion and lifestyle destination, and that it’s time boundaries were changed to bring it under the financial clout of the City of Sydney.
“As a lifetime resident of Sydney’s Eastern Suburbs, I am truly gutted that this famous retail strip, which is also home to many heritage buildings such as the Paddington Town Hall and Victoria Barracks, has fallen on such hard times,” said Raine.
“Oxford Street is at the risk of becoming a retail white elephant like Newcastle’s once bustling Hunter Street, and it would be a significant blight on the history of this great city if this iconic strip is not restored to its past glories.”
A Property Observer survey in February 2013 found <a href="/news/nsw">35 out of 198 storefronts on the north side of Paddington’s Oxford Street shopping strip</a> – between Barcom Street and Jersey Road – were empty. Some were recorded as having been unoccupied for more than six months.
Notably, <a href="/expert-insights/investing/darlinghursts-oxford-square-retail-centre-listed-with-70-million-plus-hopes">Darlinghurst's Oxford Square retail centre was listed with $70 million-plus hopes in April 2013</a>.
Then, in February this year, a <a href="/news/nsw/oxford-street-retail-building-offered-for-sale">1,946 square metre retail building was offered up for sale in the Paddington section of Oxford Street</a>.
And in April 2014, <a href="/expert-insights/investing/oxford-street-sydneys-oldest-gay-hotel-venue-up-for-sale">Sydney's oldest gay venue on Oxford Street, Darlinghurst hit the market</a>.
The call comes a few months after a comprehensive Sydney Morning Herald feature on Oxford Street, which noted a mass retail and restaurant exodus from Oxford Street had the empty shops numbering 29 in the City of Sydney, 41 in Woollahra and 19 in Waverley. Paddington, bearing the brunt of the storm, clocks up 46, a vacancy rate of just over 18 per cent. In the area immediately surrounding Jersey Road, it is as much as 65 per cent.
The Activate Oxford St draft proposal commissioned by Woollahra Municipal Council was welcomed by Raine, although he notes it misses the problem of a parking station.
“The report suggests ways to improve the struggling street, such as creating new uses for vacant shops, the introduction of street theatre activities, as well as implementing improvements to the operation of Paddington Markets, however what the strip needs more of is parking, to attract shoppers back to the boutiques, cafes, bars and restaurants,” he said.
“It’s pretty simple, if you can’t park, then you can’t shop and there are some properties along Oxford Street that would make perfect sites for additional parking, including the site of the underutilised St Matthias Church on the corner of Oxford Street and Moore Park Road.” Improvements in parking infrastructure will be a costly exercise, which is part of the reason the Sydney City Council is being called upon to control the strip.
“Woollahra Council has done its best but Oxford Street desperately needs the financial clout of Sydney City Council to help return it to its former glories,” he said, promising his support behind any representations to the New South Wales Local Government Minister Paul Toole around boundary changes.
Photo of Oxford Street Mall courtesy of Wikimedia Commons.
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Oxford Street at risk of becoming a "retail white elephant": Max Raine

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GUEST OBSERVATION
Growth can be hard to find in the property market. However, a hidden jewel could be dug up in the industrial sector. 
A secret missed by many investors is the strong historical correlation between house prices and industrial land prices.
While house prices get all the publicity, the industrial sector may be a useful long-term bet.
Here are four reasons why industrial property is Australia’s sweet spot:
<ol>
<li>
Industrial is the hidden growth market  As cities continue to sprawl, industrial land becomes increasingly useful.Companies like Goodman Group are converting industrial sites into apartment blocks, sometimes quadrupling property value. 
</li>
<li>
Warehousing laps up a confidence boost  People are confident during housing booms and strong consumer spending correlates with increased imports, increasing activity in distribution centres. While consumer confidence may still be low now and keeping some buyers out of the market, it will not always be that way. 
</li>
<li>
Industrial property can be a relatively reliable investment  Major developers will not undertake new projects without commitment from tenants. 
</li>
<li>
Market dynamics are good  Supply is kept relatively low, rents have been rising and vacancy rates remain muted at the high end.</li>
</ol>
Julia Forrest is REIT Portfolio Manager at <a href="https://www.btim.com.au" target="_blank">BT Investment Management</a>.
Listen to BT Investment Management’s <a href="https://www.btim.com.au/adviserbriefing/">webinar</a> to find out more.
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Four reasons there may be diamonds in industrial property

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Quest Serviced Apartments is more than doubling its room numbers in Western Australia over the next two years. 
<div>
<div>Three of the properties are located in central <a href="/news">Perth</a> on Adelaide Terrace, Kings Park Road and Mounts Bay Road, in response to increasing demand from a thriving corporate sector.
</div>
<div> </div>
<div>The other two properties are located on Flinders Lane in <a href="/news">Rockingham </a>and the corner of Pakenham and Short Streets in <a href="/news">Fremantle</a>. 
<div>
Providing accommodation to around 30,000 business travellers annually, Quest currently operates nine properties in WA at <a href="/news">Bunbury</a>, Harbour Village, <a href="/news">Mandurah</a>, on James, <a href="/news">Rheola</a>, <a href="/news">Scarborough</a>, <a href="/news">South Perth</a>, <a href="/news">West End</a> and <a href="/news">Kalgoorlie</a>.
When doors open on the five new properties, Quest will offer a total of 871 rooms across the state, anticipating hosting more than 60 thousand extended-stay business travellers each year – a 128% increase on the existing number.
All five properties have received development approval with construction commenced on all except Fremantle and Adelaide Terrace, both of which are expected to see works start in the next month.
Quest chief Zed Sanjana said Perth had leading occupancy rates with high room yield growth.
“The demand in the West is being primarily driven by the corporate market and we feel the time is right to capitalise on these strong economic indicators and push our growth, with five new developments underway to more than double our current room numbers.”
</div>
</div>
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